M&M keen on Punjab Tractors stake

PTIJun 21, 2002, 04.25pm IST

NEW DELHI: Mahindra & Mahindra (M&M) has expressed interest in acquiring a stake in Punjab Tractors and said it would submit an Expression of Interest to Punjab State Industrial Development Corporation with regard to this.

"We will be taking a close look at it (acquiring stake). We are interested in the acquisition of the same, and will submit an EOI as and when required," M&M Vice-Chairman and Managing Director Anand Mahindra said.

Mahindra said since M&M was the market leader in the tractor segment, the company would take a closer look at the price at which the controlling stake in Punjab Tractors would be acquired.

PSIDC intends to offload 23.49 per cent in the company. It is learnt that along with Punjab Tractors, PSIDC plans to offload its stake in Punjab Alkalies as well.

However, Punjab Tractors informed in a recent statement to the Bombay Stock Exchange that it was unaware of any actions or decision making regarding disinvestment in the company.